All Forum Posts by: Scott Morongell

@John T. there a many ways to set this up. you can consult with an attorney and explain to him your strategy and he will be able to lead you properly with when you should set up the LLC. As you grow you may want a holding company with multiple LLC's (either one per property or a few, say 250K worth of assets in one LLC) then your holding company would show interest in those LLC's. Like I said an attorney will be able to direct you best.

I do agree when starting out buying in your name may be easier and then transferring it into an LLC after. Only thing to keep in mind is if the note is called be prepared to handle it appropriately.

Best of Luck John!

@Kate J. You can certainly buy at a 4 cap and get it up if there is a value add play in the deal.  However, just buying a turn key asset and not increasing its value does not sound like that is something that works for you. If your looking at an asset that doesn't have a lot of value add and is stabilized maybe look in your surrounding areas outside Austin to get a property near a 6-7cap. 

Great way to get into investing.  However you did not give us any details to offer guidance 

@Troy Remelski I think @Chris Tracy & @Hadar Orkibi both have valid points.  I think it is up to you and where your at financially to accelerate your learning period and getting into deals quicker.  I know Gino and he's a great guy.  I don't know a lot about his programs but I would bet it is pretty good.  I accelerated my learning with a different group and have been very happy with them.  I was able to get into my first deal in less than a year with coaching.

@Shawn Harvey how many units are the multis? I may have a mentor for you

I believe you can put this under one commercial loan. Best of luck sounds like a great opportunity.

@Kevin Melson for larger multi deals I started out using Michael Blank's analyzer. One major reason why I no longer use it is because I can break out my pro forma monthly.  I use a custom one now.  

@Danil Sidorov you are on the right track.  The only thing I may suggest is typically I don't see banks giving around 75% on the refi your leverage would be close to 65% on the new loan.

A lot of investors choose this method called refi and roll where they buy the property, increase its value, refi and put that capital into the next deal.

@Jason Malabute I would suggest looking at a different market if you have exhausted every opportunity.  You can always come back to it at a different time to see if deal flow picks up.  There are lots of goof markets so I would look for another one.  Maybe partner with someone in a market that is good so you instantly have an advantage when trying to acquire a deal.  

@Helen Chung I think @Alex Deacon is spot on with his reply.  I would suggest spending a lot of time here on BP and you will find others in the same situation as you and you may be able to partner up and help each other in this process.  Best of luck and you have came to the right place to learn and meet people who are willing to help you!